Vietnam, US share audit experience

Washington (VNA) – Deputy State Auditor General Vu Van Hoa has expressed wish to continue cooperating with the US’s Public Company Accounting Oversight Board (PCAOB) in the near future during a recent working session in Washington D.C.

In their meeting on July 26, Hoa briefed the host on the State Audit Office of Vietnam and its recent outstanding activities.

Chief Counsel in the Office of Chief Auditor at PCAOB Hunter Jones shared PCAOB’s structure, function and its relations with parties concerned, saying that the non-profit PCAOB was founded on 2002 with a view to overseeing audit activities of public companies.

Last year, the PCAOB inspected over 160 independent audit companies and conducted around 700 audits on public firms.

It has close links with other US’s supervisory organisations such as the Government Accountability Office (GAO), the International Auditing and Assurance Standards Board (IAASB), the Securities and Exchange Commission (SEC), he said.

According to the host, the PCAOB is strong in using modern technology in supervision activities, especially in data analysis to make planning and evaluate risks.

During its stay, the Vietnamese delegation also had working sessions with the Vietnamese permanent mission to the United Nations and the Vietnamese Embassy in the US.-VNA